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Welspun India Ltd.

BSE: 514162 Sector: Industrials
NSE: WELSPUNIND ISIN Code: INE192B01031
BSE 13:17 | 26 Apr 53.85 0.10
(0.19%)
OPEN

53.80

HIGH

54.40

LOW

53.80

NSE 13:09 | 26 Apr 53.85 0.10
(0.19%)
OPEN

53.80

HIGH

54.80

LOW

53.80

OPEN 53.80
PREVIOUS CLOSE 53.75
VOLUME 9033
52-Week high 78.20
52-Week low 46.25
P/E 18.96
Mkt Cap.(Rs cr) 5,410
Buy Price 53.85
Buy Qty 721.00
Sell Price 54.00
Sell Qty 918.00
OPEN 53.80
CLOSE 53.75
VOLUME 9033
52-Week high 78.20
52-Week low 46.25
P/E 18.96
Mkt Cap.(Rs cr) 5,410
Buy Price 53.85
Buy Qty 721.00
Sell Price 54.00
Sell Qty 918.00

Welspun India Ltd. (WELSPUNIND) - Company History

Welspun India the flagship company of Welspun group is amongst the largest home textile manufacturers in the world with presence in Bed Bath & Flooring. It is the largest exporter of home textile products from India. Welspun is supplier to 17 of Top 30 global retailers. It has dominant presence in fifty countries across the world with a distribution network in over 32 countries including USA Canada UK and Australia. Welspun India has two world-class state of the art textile manufacturing facilities at Anjar (Gujarat) and Vapi.The company started its operations as a small texturizing unit under the name Welspun Winilon Silk Mills in the district of Palghar in the year 1985. Six years down the line in 1991 Welspun Polyester India Limited went public with its initial public offer (IPO) and subsequently became Welspun India Limited. In 1993 Welspun India set up terry towel facility at Vapi Gujarat. In 2000 Welspun USA was incorporated as a wholly owned subsidiary of Welspun India Limited. With sales design and marketing based in NYC Welspun focused on getting to know the US consumer. The company has amalgamated Glofame Cotspin Industries Ltd with itself during May 2005. According to the scheme of amalgamation Welspun India will issue 10 Equity Shares of Rs.10/- each for every 33 Equity Shares of Rs.10/- each held by the shareholders of Glofame Cotspin Industries Ltd. The Scheme became effective from 1st April 2004.During 2004-05 the company has set up a new plant at Anjar Gujarat at an investment of Rs.5.75 Billion. This plant was set up for the new product category bed linens with a capacity of 35 million meters per annum. Further the company also undertook a capital expenditure for construction of a commercial building and installation of processing equipments and Diesel Generator Sets at Vapi at a cost of Rs.6002.8 million. The company has also commenced its commercial production of Toweling facility in March 2005 the spinning facility commenced its commercial production in June 2005. The bed sheeting facility has commissioned and scheduled to commence its commercial production at full capacity by September 2005. The company has increased the installed capacity of Cotton Terry Towels by 12000 MTPA during 2004-05 and with this expansion the total installed capacity of Cotton Terry Towels has increased to 23500 MTPA.In 2006 Welspun India acquired Christy's of UK a brand of towels that had the legacy of catering to none other than the British Royal Family itself. Considered one of the world's most sought-after souvenirs the manufacturing of Wimbledon towels began at Welspun Vapi in 2006.On 19 December 2007 Welspun India announced the acquisition of 76% interest in bath rug major Sorema - Tapates e Cortinas de Banho SA (Sorema) of Portugal at an enterprise value of Rs 60 crore. Set up in 1974 with more than three decades of experience Sorema is a leading player in bath rugs and shower curtains around the world. Welspun and Sorema additionally signed an agreement for marketing of products exclusively in Spain and Portugal and on best-effort basis in other European countries. With this new relationship Welspun will have facilities in India Mexico Portugal and UK.In 2007 Welspun India started its strategic bedding sets facility in Mexico for 1.4 million sets. In 2009 Welspun India Limited demerged its Sales & Marketing and Investment divisions into two separate Companies - Welspun Global Brands Ltd. and Welspun Investments & Commercials Ltd respectively. In 2012 Welspun Global Brands Ltd. became a subsidiary of Welspun India Limited.On 6 December 2014 Welspun India Limited (WIL) unveiled its new spinning facility at Anjar Gujarat - the largest under one roof in India. The new facility will be instrumental in doubling spinning capacity to over 3 lakh spindles thereby fulfilling nearly 70% of the internal yarn requirements. Further it will pave way for improvements in the company's supply chain with lesser dependency on external sourcing.In 2016 Welspun India commissioned India's largest spinning facility under one roof.On 20 August 2016 Welspun India informed stock exchanges of a product specification issue with one client program of the company's subsidiary Welspun Global Brands Ltd (WGBL). Two days later i.e. on 22 August 2016 in a conference call held with analysts the company's management clarified that the client concerned is Target Corporation a major discount retailer in the United States and that the issue was around the provenance of the fiber in bedsheets supplied by the company. The product in question with Target Corporation specifically represents about $8.5 million in FY 2016 which accounted for about 1% of Welspun's overall sales and about 10% of the company's total business with Target Corporation. On 26 August 2016 Welspun India announced that the company has appointed Ernst & Young LLP to review its supply chain systems and processes.In 2017 Welspun India forayed into floorings solutions and smart textiles. During the year the company increased its footprint in Middle East Japan Australia and EU.On 9 February 2017 Welspun India Ltd (WIL) announced that it has entered into a co-operation agreement with Cotton Egypt Association (CEA) to promote and market Egyptian cotton products worldwide. Under the agreement the two organisations will work together to create programmes for promotion of Egyptian Cotton logo in the retail markets across the globe. WIL will invest a sum of $3 million in a stage wise manner over next few years to support the joint initiatives.On 18 March 2017 Welspun India Ltd. announced that it has forayed into new technologies in its Technical Textile Business with its state-of-the-art Needle Entangled Advance Textile Plant in Anjar. The Rs 150 crore facility will have unique capabilities of Spun Lace and Needle Punch lines which can manufacture multilayer composites for various applications.On 9 January 2018 Welspun India announced that it has incorporated a wholly owned subsidiary viz. Welspun Nexgen Inc. registered with the state of Delaware USA having paid-up capital of US$ 4.25 million for making investments in ecommerce companies.In 2018 Welspun India established industry defining patented traceability process called Wel-Trak. This revolutionary and industry-defining process ensures that customers and consumers can trace the provenance of the cotton raw materials throughout the supply chain from farm to the retail shelf. The Board of Directors of Welspun India at its meeting held on 16 May 2018 approved revision in carpet project undertaken by the company's subsidiary viz. Weispun Flooring Limited with estimated revised project cost of approximately Rs 1100 crore and shifting of proposed facility from Gujarat to Telangana.The Board of Directors of Welspun India at its meeting held on 21 September 2018 considered and approved the draft Scheme of Amalgamation of Prasert Multiventure Private Limited (PMPL) with Welspun India Limited (WIL). With a view to streamline the promoter holding in WIL and to eliminate layer of promoter shareholder company the scheme provides for the merger of PMPL a promoter company and a shareholder of WIL into WIL. Upon effectiveness of the Scheme the existing equity shares held by PMPL in WIL shall be cancelled and WIL shall issue equivalent number of equity shares to the shareholders of PMPL. The promoters would continue to hold the same percentage of shares in WIL pre and post the amalgamation and there will be no increase in the promoter shareholding of WIL.